Bauer Media, home to some of Britain's biggest selling magazines, has acquired Absolute Radio in a deal believed to be worth close to £22m.

The deal ends months of talks with the station, which started life as Virgin Radio, the upstart rock station made famous by Chris Evans.

The station was first put up for sale in 2011 by its owners, Times of India, which acquired Virgin Radio for £53m four years earlier.

The former Virgin Radio chief John Pearson pulled out of the race to buy the ailing station in January this year – he reportedly valued the Absolute Radio business at between £10m and £15m.

Bauer is best known in the UK for its magazines including Heat, Grazia and Bella, but is also owner of a string of radio stations, including Kiss and Magic.

The deal marks further consolidation in the radio sector and a strengthening of Bauer's share of the UK radio market. It already accounts for a 26.5% share of the commercial radio market with its stations which include Kiss, Magic, Kerrang and local stations, such as Key 103 and Radio City.

Earlier this year, the company acquired Planet Rock, the digital service which includes shows by Alice Cooper and Bernard Doherty, PR to the Rolling Stones.

Paul Keenan, chief executive of Bauer Media UK, said he was "excited about welcoming this complementary music radio business with renowned digital assets into Bauer".

He said the "acquisition will be an opportunity to learn and share" across the businesses.

Donnach O'Driscoll, CEO of Absolute Radio, said, "The Absolute Radio business has never been in better shape as we approach our fifth birthday. Bauer Media UK is a business that really cares about building famous media and entertainment brands and music radio in particular. This brand will continue to thrive as part of the Bauer group".

• To contact the MediaGuardian news desk email media@guardian.co.uk or phone 020 3353 3857. For all other inquiries please call the main Guardian switchboard on 020 3353 2000. If you are writing a comment for publication, please mark clearly "for publication".

• To get the latest media news to your desktop or mobile, follow MediaGuardian on Twitter and Facebook.